$1-million prize for fintech startups in Edge 196 Global Startup Challenge

Edge 196, an initiative of NRI Startup India, is on the hunt for fintech startups through its Global Startup Challenge with a $1-million investment prize up for grabs.

Edge 196‘s Global Startup Challenge is run across 26 global clusters spanning 196 countries. Applications to its fintech vertical are now open and will close between 12 and 14 November for its three African clusters. Winners are expected to be announced two weeks after the respective deadlines.

Edge 196 Global Startup Challenge 2017 will see 26 finalists get $50 000 in investment funding

In order to be considered for the challenge, applying startups should not be more than three-years old and must have the potential to scale globally. The fintech startups should have a prototype or validation in the market and must also be able to prove traction in terms of revenue or clients.

How it works

Winners will be selected based on their problem-solving abilities, their team’s capabilities, innovation and global scalability.

Three shortlisted startups from each of the 26 clusters will be invited to pitch online. Thereafter, 26 potential startups (one from each cluster) will be selected and offered term sheets and entry into an acceleration programme (between three and six months long) run by one of Edge 196’s global partners in India, UK, Canada, Singapore and the USA.

The winning startups in each cluster will each get $50 000 in investment funding. In addition, one of the startups will win $1-million in investment at a Grand Finale to be held in December.

African clusters

African startups can apply to one of three regional clusters covering East, West and Southern Africa.

Johannesburg cluster

The Johannesburg cluster comprises of Angola, Botswana, Comoros, Lesotho, Mayotte, Mauritius, Madagascar, Mozambique, Namibia , Reunion, South Africa, Swaziland, Zambia, and Zimbabwe.

Applications for this sector are open until 13 November with evaluation and screening taking place between 14 November and 28 November this year. This will be followed by an online pitch session which has been scheduled for 10 December.

Lagos cluster

The Lagos cluster is the biggest on the continent. It consists of Nigeria, Ghana, Tunisia, Algeria, Libya, Chad, Niger, Morocco, Western Sahara, Mauritania, Mali, Senegal, The Gambia, Guinea- Bissau, Guinea, Sierra Leone, Liberia, Ivory Coast, Togo, Benin, Burkina Faso, Cameroon, Central African Republic, Equatorial Guinea, Gabon, Republic of the Congo, and Cape Verde.

Applications for this sector are open until 12 November with evaluation and screening taking place between 13 November and 27 November. An online pitch session has been scheduled for 9 December.

Nairobi cluster

The Nairobi cluster includes Kenya, Uganda, Tanzania, Somalia, Burundi, Rwanda, Ethiopia, South Sudan, Djibouti, Eritrea, Sudan, Egypt, and the Democratic Republic of Congo.

Applications to this cluster will close on 14 November. Evaluation and screening will take place between 15 and 29 November with an online pitch session scheduled for 11 December.

Learn more about the African clusters here: Johannesburg cluster, Lagos cluster and Nairobi cluster.